I have 2 payments on my mortgage. What is the best way to pull out $200,000 of my $565,000 home and maintain ownership? ?

6 Answers

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  • Judy
    Lv 7
    1 month ago

    You can only get $200K out if you have around $250K in equity.

  • 1 month ago

    So, you have a first and second mortgage?

    Refinance. The interest rates are low and probably lower than the interest you are paying right now. See your banker...it is free advise from a professional.

  • 1 month ago

    Refinance is the only way really.

  • Anonymous
    1 month ago

    What are you talking about?   You still own your home no matter how large your mortgage is.

    "I have 2 payments on my mortgage."   I have no clue what this means.   You have two payments left?   Or you already have two mortgages?

    To tap into equity you can take out a home equity loan, home equity line of credit or do a cash refi.   No one here knows if this is feasible or not because you gave zero details about how much you already owe, what your income is, etc. 

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  • R P
    Lv 7
    1 month ago

    Home equity line of credit (HELOC)

  • 1 month ago

    HELOC - home equity line of credit. {You will need about $250,000 equity in the house, and probably a steady source of income.}

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